Barry Callebaut Serves Bitter 1Q Volume but Higher Sales; Guidance Extended for Three More Years
Barry Callebaut reported first-quarter sales with sales volume growth at 1.7% (versus 4.5% assumed in our model) and revenue up 3.7% in local currencies (versus 2.5% in our model). Management reaffirmed 2018-19 guidance and extended midterm guidance of 4%-6% average volume growth and EBIT growth on average above volume growth for three more years. We do not anticipate changing our CHF 1,500 fair value estimate after incorporating the first-quarter sales update into our model. We maintain our no-...Barry Callebaut is a cocoa and chocolate company, engaged in serving the food industry, from food manufacturers to professional users of chocolate such as chocolatiers, pastry chefs or bakers and products for vending machines. Co. offers a range of chocolate and other cocoabased products with numerous recipes. Co. also provides a comprehensive range of services in the fields of product development, processing, training and marketing. Co. is fully vertically integrated along the entire value chain: from sourcing of raw materials to finished products on the shelf. Co.'s operations are organized in three business units: Cocoa, Food Manufacturers, Gourmet & Specialties Products.
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